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Unit 7 - Warehousing - Coggle Diagram
Unit 7 - Warehousing
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Types
- Owned and operated by big manufacturers and merchants.
- Used to fulfill their own storage needs.
- Provide storage facilities to the general public for a certain charge.
- Operate under government licenses.
- Licensed by the government to accept imported goods for storage until customs duty is paid.
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- Goods stored in bonded warehouses cannot be withdrawn without customs permission.
Importance
- Storage creates time utility by bridging the gap between production and consumption.
- Proper storage enables firms to carry on production in anticipation of future demand.
- Warehousing facilitates large-scale production and distribution.